Lakshmi Mittal May Exit UK Amid Non-Dom Tax Crackdown, Eyes Dubai or Switzerland
Date: 30-mar-2025
Billionaire Eyes Dubai, Switzerland or Italy as Labour Government Abolishes Tax Perks
In a significant development for the UK's ultra-wealthy community, Indian-born steel magnate Lakshmi Mittal is reportedly planning to leave the United Kingdom after nearly 30 years of residency. This comes in response to the UK government’s decision to abolish its non-domiciled (non-dom) tax status, according to a report by The Financial Times.
Mittal, the former CEO and current executive chairman of ArcelorMittal – the world’s second-largest steel producer – is said to be exploring relocation options such as Dubai, Switzerland, and Italy, all of which offer tax incentives for high-net-worth individuals. His final decision is expected before the new tax regime kicks in from April 2025.
UK Tax Reform Sparks Wealth Exodus
The move comes after Labour Chancellor Rachel Reeves announced a shift from the long-standing non-dom policy to a residency-based taxation system. The reform mandates that foreign residents will now pay UK tax on their global income and assets, eliminating what was once a major draw for billionaires and international business figures.
The UK government claims the change will raise £2.7 billion annually by 2028-29, with Reeves describing it as a step toward a fairer tax system. However, critics warn the policy could drive capital and talent away from the country, potentially impacting investments, jobs, and the luxury property market.
What Was the Non-Dom Tax Rule?
Previously, the non-dom regime allowed foreign-born residents to avoid UK tax on overseas income unless it was transferred into the country. Under the new rules:
- Foreign income and gains will be taxed regardless of remittance
- Inheritance tax will apply to global assets
- High-net-worth residents must reassess UK tax residency status
Mittal’s Global Empire and Billionaire Lifestyle
Lakshmi Mittal, who moved to the UK in 1995, transformed his company into a global steel powerhouse. He stepped down as CEO of ArcelorMittal in 2021, passing leadership to his son, Aditya Mittal, while retaining the role of executive chairman.
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With a net worth estimated at £14.9 billion ($18.5 billion), Mittal ranks among the UK’s wealthiest individuals. He owns luxurious properties worldwide, including a £67 million mansion in Kensington Palace Gardens (purchased from Bernie Ecclestone), a chalet in St. Moritz, Switzerland, and real estate in the US and Asia.
Symbolic Departure for UK’s Business Landscape
If Mittal relocates, it would mark a high-profile exit from Britain’s billionaire class – a potential bellwether for other business elites. With major figures already voicing discontent over the UK’s shifting fiscal environment, his departure could signal a broader exodus of global wealth from London.
As tax-friendly nations like Dubai and Switzerland continue to attract international investors, the UK risks losing its appeal as a preferred destination for global entrepreneurs.
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